Crypto Justice Served: IcomTech Promoter Gets Nearly Six Years for Multi-Million Dollar Ponzi Scheme

Another crypto fraudster faces the music. This time, a key promoter for the IcomTech scheme is heading to prison—for nearly six years.

The Anatomy of a Modern Scam

Forget complex DeFi jargon. The IcomTech playbook was brutally simple: promise impossible returns on crypto mining and trading packages. Investors were lured with the dream of passive income, only to discover the operation was a classic Ponzi—paying old investors with money from new ones. The numbers, as revealed in court, painted a picture of pure fantasy, built on zero legitimate revenue.

Regulators Are Watching (Finally)

This sentencing sends a clear signal. Authorities are no longer treating crypto fraud as a gray area. The hammer is coming down on schemes that misuse blockchain's buzzwords to cloak old-fashioned theft. It's a necessary purge for an industry maturing under the spotlight.

A Silver Lining for the Bullish

Here's the twist for believers: every high-profile takedown like this cleanses the ecosystem. It separates the transformative technology from the grifters exploiting its hype. It forces a conversation about real utility versus hollow promises. In the long run, this regulatory muscle-flexing builds the legitimacy that attracts serious institutional capital. Consider it a painful but essential growing pain.

The takeaway? The crypto winter weeds out the weak. And sometimes, it sends them directly to a federal penitentiary—a stark reminder that in finance, whether it's digits or dollars, stealing is still stealing. Some things, thankfully, never get disrupted.

IcomTech’s “Guaranteed Returns” Masked Classic MLM-Style Crypto Ponzi

IcomTech promised investors guaranteed daily returns from cryptocurrency mining and trading.

In reality, the operation functioned as a classic multi-level marketing Ponzi scheme, using funds from new investors to pay earlier participants while senior promoters diverted hundreds of thousands of dollars for personal use.

In addition to prison time, Mendoza was ordered to pay $789,218.94 in restitution and forfeit $1.5 million, along with his home in Downey, California, which prosecutors said was purchased using proceeds from the scheme.

Court filings show Mendoza was one of IcomTech’s most senior promoters and maintained close contact with founder David Carmona.

He hosted recruitment events at his own restaurant in the Los Angeles area, collecting large amounts of cash from attendees.

Crypto promoter sentenced for Ponzi scheme “IcomTech.” “Mendoza targeted Spanish-speaking investors with false promises about ‘crypto’ profits and left victims, including those here in New York, holding only losses,” said U.S. Attorney Jay Clayton.https://t.co/ZmXKRrFPBZ

Promoters traveled nationwide hosting flashy expos, arriving in luxury vehicles and designer clothing, while investors were shown dashboards displaying profits they could not withdraw.

By August 2018, investors began encountering delays and excuses when attempting to cash out.

IcomTech responded by introducing a proprietary token called “Icoms,” which promoters claimed WOULD eventually be used for payments. The token ultimately proved worthless, further compounding investor losses.

The sentencing also covered Mendoza’s illegal reentry into the United States after deportation. Prosecutors said he had been removed from the country four times, once under a false identity, and continued promoting crypto Ponzi schemes even after IcomTech collapsed.

IcomTech Mastermind Sentenced to 10 Years in Prison

Several other figures connected to IcomTech, including founder David Carmona and multiple senior promoters, have already been convicted and sentenced.

In October, Carmona, the mastermind behind IcomTech, was sentenced to 10 years in prison for conspiracy to commit wire fraud.

Gustavo Rodriguez, an IcomTech promoter, was sentenced to eight years on October 31, while David Brend received a 10-year sentence on December 2. In January, Ochoa was sentenced to five years in prison for his role in the scheme.

Between 2018 and 2019, IcomTech promised investors a 100% return every six weeks.

IcomTech promoters enacted the massive crypto scheme by attending lavish expos in luxury cars and wearing expensive clothing, giving the illusion that the sham digital asset company could offer investors financial freedom.

However, this facade began to crumble by August 2018 as investors struggled to withdraw their funds from the platform.